Fall is in full swing and we are finding ourselves in another unique quarter for residential sales. The 3rd quarter saw a flurry of delayed spring market activity, which continued through part of September. The market continues to be very active as we enter the final stretch of 2020. It’s important to note that inventory has crept up and days on market (DOM) are starting to accumulate in our area.
The Q3 sales data shows an increase in the number of closed transactions and a decrease in the average sales price. This is a result of more median-priced homes selling faster than the higher-end market.
As we learned last quarter, COVID-19 has changed the way we use our home. It has created a demand for properties with outdoor space, that are move-in ready, have home offices or “Zoom rooms” and luxury amenities like a home gym. In 2021 we can expect to see these trends continue. We also expect to see health trends intertwine with the housing market leading buyers to focus more on comfort and pleasure since home means so much more these days. If you are thinking of selling, you may want to consider these trends as you prepare your home for the market.